Amalgamated Regional Trading : 2022 FY Results & Audit Report

Audited Abridged

Financial Results

For the year ended 30 September 2022

A D I V I S I O N O F A R T C O R P O R A T I O N L T D

T O T A L W R I T I N G S O L U T I O N S

The Battery of Choice

www.artcorp.co.zw

PERFORMANCE HIGHLIGHTS

					VOLUMES
REVENUE	INCREASED BY 3%	OVERALL	INCREASED BY 10%	PAPER	DECREASED BY 15%
GROSS PROFIT%	INCREASED BY 16%	EXPORT	INCREASED BY 12%	TIMBER	DECREASED BY 2%
GEARING	INCREASED BY 2%	BATTERIES	INCREASED BY 10%	STATIONERY	INCREASED BY 39%

CHAIRMAN'S STATEMENT

It is a great pleasure to present the financial and strategic performance of Art Holdings Limited (ART) for the year ended 30 September 2022.

OPERATING ENVIRONMENT

The operating environment remained complex and challenging, characterised by high inflation, unstable exchange rates, rising commodity prices due to disruptions and rising tensions in the global economy. The anticipated economic recovery on the back of easing covid restrictions was dampened by the rapid depreciation of the local currency and the measures instituted by Government to control inflation, increase demand for the local currency and curb speculative borrowing. The hiking of interest rates affected market demand and impacted growth initiatives as businesses focused on value preservation.

The Zambian economy continued to recover following the fall in manufacturing output and slowing copper demand during the COVID period. The easing inflation and stability of the Kwacha enabled economic activity to improve during the period.

GROUP OVERVIEW

Paper

The capitalisation and restructuring of the Paper business progressed well during the year despite economic challenges. Installations were completed at the end of September and full commercial production is expected to start after optimisation in December 2022. Volumes overall for paper decreased by 15%. Paper export volumes increased by 5%. Power supply and the unavailability of sufficient local waste paper remain as the major challenges for the business. Partnerships concluded during the year with waste paper suppliers in Botswana and South Africa helped to sustain production.

Eversharp

Eversharp volumes increased by 39% compared to prior year as volumes continued to recover from last year following the easing of covid restrictions. Export volumes increased by 177%. Opportunities in the market could not be maximised due to the foreign currency auction allocation backlog. Foreign currency sales in the informal sector enabled the division to improve raw material and spare parts availability in the second half of the year. Stationery trading was resumed and contributed 10% of total sales.

Mutare Estates

Timber volumes were held at the same level as the prior year. Demand remained firm, however the environment necessitated changes in trading terms in order to preserve value and reduce credit risk.

The Group registered moderate growth during the period with its major business segment, batteries remaining resilient in both the local and export markets. The fragility of the Paper division under the current difficult economic conditions was evident during the period as the unit struggled to maintain volumes and profitability. Future proofing the Group by diversifying and consolidating the Paper units has been challenging and significant support from the Group's funders was required to enable the completion of the Paper Mill project in Kadoma. The increase in foreign currency sales in all the business units helped to sustain raw materials imports. The business also benefited from the growing informal sector which has better payment terms.

FINANCIAL PERFORMANCE

SUSTAINABILITY REPORTING

The Group's commitment and contribution to sustainability continues to be embedded in its strategy which is aligned and reported in accordance with the Global Reporting Initiative (GRI) protocols. During the year the Group's practices were strengthened through training and the adoption of tailored risk frameworks that ensure that supportive controls are put in place.

DIVIDEND

The Company is not in a position to declare a dividend.

In terms of IFRS and ZSE regulations, the Group is required to report and provide commentary on the Group's Annual Inflation adjusted financial statements, users are once again advised to exercise caution in the use of these Group Annual Inflation adjusted financial statements.

The Group recorded revenues of ZWL 19,6 billion during the year, an increase of 3% in inflation adjusted terms from prior year and 185% in historical terms as prices were adjusted in line with inflation and volumes overall increased by 10%. Export volumes increased by 12% compared to prior year driven by strong demand in Zambia.

The Group's regional drive continues to be anchored by the strong performance of batteries in Zambia and Malawi. Foreign currency shortages persisted in Malawi whilst growth in Mozambique remains slow as competition from imported batteries increased. Gross margins recovered during the period on the back of timeous price adjustments and cost containment. Demand for batteries, paper and stationery recovered although significant downtime in the tissue business due to machine breakdowns and power cuts affected production output consequently impacting sales particularly on the export market.

The Group recorded significant exchange losses amounting to ZWL 3.6 billion as the local currency depreciated by 607% during the period. Fair value adjustments on investment property and biological assets amounted to ZWL 4.9 billion. The Group managed to deliver a profit after tax of ZWL 1,46 billion compared to the loss of ZWL 2.5 billion in the prior year. The performance was overshadowed by the increase in finance costs especially towards the end of the year following the hiking of interest rates. The Group's statement of financial position was impacted by the significant movement in the exchange rate and exposure from project related obligations. The completion of the Paper Mill installation and restructuring of the Group's borrowings at year end will ease the working capital strain.

The debt to equity ratio increased from 10% to 12% at year end.

DIVISIONAL PERFORMANCES

Batteries

DIRECTORATE

Retirement

Dr Oliver Mtasa retired from the Board during the year. The Board and management take this opportunity to express their appreciation to him for his leadership and commitment to the Group over the years.

On the 25th of September 2022 Mr Y C Baik who had served the Board since 2017 sadly passed on. We pay tribute to his invaluable contribution and unwavering support during his tenure. It is through his dedication, leadership and perseverance that the Group has successfully turned around and grown its footprint in the region.

Appointment

The Board appointed Mr. Steven Mupfurutsa as an Independent Non-Executive Director with effect from 1 August 2022.

Mr Mupfurutsa holds a Bachelor of Accountancy (Honours) Degree from University of Zimbabwe. He completed his training at Deloitte & Touché and is a member of the Institute of Chartered Accountants of Zimbabwe.

The Board would like to congratulate Mr. Mupfurutsa on his appointment and wish him every success in his new role.

OUTLOOK

The operating environment is expected to remain challenging with the continued impact of the unfolding global recession. Government measures to contain inflation and stabilise the exchange rate will hopefully be reviewed in a manner that takes cognisance of the need to support the manufacturing sector. The elimination of the expensive local currency debt after year end has brought significant relief as the Group embarks on a journey of stabilisation and recovery with focus on cash generation, sustaining working capital improvement and optimally managing gearing levels. The Group is encouraged by the fruitful engagement that it has had with Government and resulting mitigatory measures put in place to support completion of its expansionary capital investment programme.

The battery performance during the period was affected by supply chain disruptions and availability of power in the first half of the year. Demand on the export market was strong and volumes grew by 12%. Liquidity constraints in the local market and foreign currency shortages in Malawi necessitated changes in trading terms in order to manage credit risk with a resultant impact on volumes. Projects to broaden the product range were temporarily deferred following the hiking of interest rates and decline in aggregate demand.

GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	INFLATION ADJUSTED	HISTORICAL
FOR THE YEAR ENDED SEPTEMBER	30 Sept	30 Sept	30 Sept	30 Sept
	2022	2021	2022	2021
	ZWL 000	ZWL 000	ZWL 000	ZWL 000

APPRECIATION

I would like to express my sincere gratitude to our customers, suppliers, bankers and other key stakeholders, my fellow directors, management and the entire team at ART for the continued contribution and support during the period under review.

T U Wushe

CHAIRMAN

09 December 2022

GROUP STATEMENT OF FINANCIAL POSITION

INFLATION ADJUSTEDHISTORICAL

Revenue from contracts with customers Cost of sales

Gross profit

Other income

Selling and distribution expenses

Administration expenses

Total operating expenses

Operating profit before fair value adjustments & impairments

Share of associate profit

Fair value adjustments on investment property Fair value adjustments on biological assets Foreign exchange (loss)/gain

(Loss)/gain on disposal of disposal of non-current assets Fire loss

Net monetary loss

Revaluation deficit on property plant and equipment Fair value loss on Softex initial joint venture investment re-measurement

Profit/(loss) before interest and tax

Finance income

Finance costs

Profit/(loss) before tax

Income tax credit/(expense)

Profit (loss)/after tax

OTHER COMPREHENSIVE INCOME

Items that may not be reclassified subsequently to profit or loss:

Surplus on revaluation of property plant and equipment (net of tax)

Items that may be reclassified subsequently to profit/loss: Translation of foreign subsidiary

Total other comprehensive income for the year net of tax

Total comprehensive income/(loss) for the year

Basic Earnings per Share

Diluted Earnings per share

Headline Earnings per Share

19 615 200	19 016 818	11 079 454	3 885 531
(11 100 853)	(11 673 374)	(6 181 816)	(2 226 044)
8 514 347	7 343 444	4 897 638	1 659 487
250 688	111 548	256 077	23 310
(2 230 788)	(1 501 009)	(919 725)	(295 707)
(4 901 719)	(3 709 984)	(2 961 049)	(889 721)
(7 132 507)	(5 210 993)	(3 880 774)	(1 185 428)
1 632 528	2 243 999	1 272 941	497 369
22 507	33 167	9 050	7 420
1 619 856	(208 143)	3 063 450	170 891
3 258 340	(726 031)	4 660 119	40 335
(3 603 279)	32 276	(3 053 791)	21 297
(12 013)	(19 700)	386	(3 040)
(9 762)	(156)	(3 054)	(27)
(847 727)	(540 375)	-	-
-	(402 676)	-	-
-	(512 342)	-	57 692
2 060 450	(99 981)	5 949 101	791 937
1 841	2 861	809	684
(758 314)	(330 577)	(646 500)	(74 412)
1 303 977	(427 697)	5 303 410	718 209
151 940	(2 084 843)	(680 880)	55 211
1 455 917	(2 512 540)	4 622 530	773 420
4 383 931	89 165	8 060 846	439 918
966 426	49 612	966 451	13 042
5 350 357	138 777	9 027 297	452 960
6 806 274	(2 373 763)	13 649 827	1 226 380
307.9	(531.4)	977.7	163.6
307.9	(531.4)	977.7	163.6
(814.7)	8.7	(656.0)	119.5

AS AT SEPTEMBER	30 Sept	30 Sept	30 Sept	30 Sept
		2022	2021	2022	2021
		ZWL 000	ZWL 000	ZWL 000	ZWL 000
ASSETS
Non-current assets
Property, plant and equipment	14 581 496	8 494 839	14 344 976	2 186 356
Investment property	4 006 115	2 386 259	4 006 115	627 303
Goodwill	324 002	324 002	89 394	89 394
Biological assets	5 109 057	1 871 112	5 109 057	491 880
Right of use assets	2 921 173	268 859	2 600 633	29 575
Investment in joint venture and associate	216 222	195 697	17 392	9 444
		27 158 065	13 540 768	26 167 567	3 433 952
Current assets
Inventories	3 440 253	3 675 926	2 863 311	913 423
Trade and other receivables	2 408 915	1 562 714	2 408 383	408 215
Cash and cash equivalents	197 186	203 700	197 186	53 549
		6 046 354	5 442 340	5 468 880	1 375 187
TOTAL ASSETS		33 204 419	18 983 108	31 636 447	4 809 139
EQUITY AND LIABILITIES
Capital and reserves
Share capital	9 331	9 331	47	47
Share premium	869 153	869 153	4 378	4 378
Accumulated profit	9 390 945	7 935 028	6 144 152	1 521 622
Non-distributable reserves	8 166 767	2 816 410	10 409 249	1 381 952
		18 436 196	11 629 922	16 557 826	2 907 999
Non-current liabilities
Interest-bearing loans and borrowings	-	80 561	-	21 178
Lease liability	2 336 938	-	2 080 506	-
Long term creditors	1 170 754	-	1 170 754	-
Deferred tax liabilities	3 563 413	2 320 940	3 937 206	573 896
		7 071 105	2 401 501	7 188 466	595 074
Current liabilities
Trade and other payables	4 242 641	2 699 719	4 557 898	775 352
Provisions	328 845	243 083	270 733	11 867
Income tax payable	351 194	736 659	351 194	200 377
Lease liability	584 235	180 797	520 127	31 554
Interest-bearing loans and borrowings	1 952 308	1 045 350	1 952 308	274 803
Bank overdrafts	237 895	46 077	237 895	12 113
		7 697 118	4 951 685	7 890 155	1 306 066
Total liabilities	14 768 223	7 353 186	15 078 621	1 901 140
TOTAL EQUITY AND LIABILITIES	33 204 419	18 983 108	31 636 447	4 809 139

Directors: Dr T. U. Wushe (Chairman) M. Macheka (Chief Executive Officer) *, T. I. Baik, A. M. Chingwecha*, S. Mupfurutsa, M. Oakley * Executive

Audited Abridged

Financial Results

For the year ended 30 September 2022

A D I V I S I O N O F A R T C O R P O R A T I O N L T D

T O T A L W R I T I N G S O L U T I O N S

The Battery of Choice

www.artcorp.co.zw

	GROUP STATEMENT OF CHANGES IN EQUITY						GROUP SEGMENT RESULTS (CONT'D)
																HISTORICAL
		Share	Share	Revaluation	Share	Foreign	Retained
		Capital	Premium		Reserve	Option	Currency	Earnings	Total			Sept-22			Batteries	Stationery	Paper Plantations	Central	Adj &	Group
		ZWL 000	ZWL 000		ZWL 000	ZWL 000	ZWL 000	ZWL 000	ZWL 000															Admin	Eliminations
	INFLATION ADJUSTED
															Revenue - External
	30-Sep-20	9 331	869 153		2 265 547	7 139	412 086	10 440 429	14 003 685			customer		10 863 656	1 745 771	2 387 496			432 706	-		(4 350 175)	11 079 454
				Operating profit before
	Profit for the year	-	-		-	-	-	(2 512 540)	(2 512 540)
				impairments & fair
	Other comprehensive
	income	-	-		89 165	-	49 612	-	138 777			value adjustments		1 121 333	526 551	(199 112)			73 963	(249 793)		-	1 272 941
	Transfer between															Segment Assets			11 196 098	1 399 395	7 693 937	10 003 415	1 343 602		-	31 636 447
	reserves						(7 139)			7 139	-
										Segment liabilities			(5 035 584)	(737 685)	(3 895 563)	(1 258 214) (4 151 575)		-	(15 078 621)
	30-Sep-21	9 331	869 153		2 354 712	-	461 698	7 935 028	11 629 922
				Capital expenditure			(207 319)	(219 275)	(1 680 470)			(29 566)	(2 668)		-	(2 139 297)
	Profit for the year	-	-		-	-	-	1 455 917	1 455 917
				Depreciation			(171 572)	(29 136)	(46 212)			(26 370)	(30 145)		-	(303 435)
	Other comprehensive
	income	-	-		4 383 931	-	966 426	-	5 350 357			Sept-21
	Transfer between
	reserves						-			-	-			External customer			3 894 531	362 767	879 967			155 781	-	(1 407 515)	3 885 531
	30-Sep-22	9 331	869 153		6 738 643	-	1 428 124	9 390 945	18 436 196
																Operating profit before
					Share	Foreign								impairments & fair
		Share	Share	Revaluation	Option	Currency	Retained				value adjustments			573 226	70 772	(130 494)			7 352	(23 487)	-	497 369
		Capital	Premium		Reserve	Reservve	Translation	Earnings	Total
					Finance cost			(7 902)	(617)	(4 537)			-	(61 356)	-	(74 412)
		ZWL 000	ZWL 000		ZWL 000	ZWL 000	ZWL 000	ZWL 000	ZWL 000
					Segment Assets			1 931 688	228 903	920 918	1 329 617	398 013	-	4 809 139
HISTORICAL															Segment liabilities		(701 547)	(111 946)	(481 260)	(231 124)	(375 263)	-	(1 901 140)
																Capital expenditure			(174 079)	(4 663)	(268 760)			(6 229)	(15 250)	-	(468 981)
30-Sep-20	47	4 378		908 758	36	20 234	748 166	1 681 619
			Depreciation			(116 541)	(11 733)	(29 999)			(9 686)	(15 422)	-	(183 381)
Profit for the year	-	-		-	-	-	773 420	773 420
Other comprehensive															SUPPLEMENTARY INFORMATION
	income	-	-		439 918	-	13 042	-	452 960
Transfer between													1.	CORPORATE INFORMATION
reserves	-	-		-	(36)	-	36	-
				The abridged consolidated financial statements of Amalgamated Regional Trading (ART) Holdings Limited and its
30-Sep-21	47	4 378		1 348 676	-	33 276	1 521 622	2 907 999
				subsidiaries (collectively, the Group) for the financial year ended 30 September 2022 were authorised for issue
Profit for the year	-	-		-	-	-	4 622 530	4 622 530
				in accordance with a resolution of the directors on 06 December 2022. ART Holdings Limited is incorporated in
Other comprehensive																the British Virgin Islands and its shares are publicly traded on the Zimbabwe Stock Exchange through its regional
	income	-	-		8 060 846	-	966 451	-	9 027 297				subsidiary ART Zimbabwe Limited.
Transfer between																The main activities of the Group were the manufacture and distribution of paper products, stationery, and lead acid
reserves						-			-	-
										batteries. The Group's principal place of business is 202 Seke Road, Graniteside, Harare.
30-Sep-22	47	4 378		9 409 522	-	999 727	6 144 152	16 557 826
														2.	BASIS OF PREPARATION
	GROUP STATEMENT OF CASH FLOWS									The abridged consolidated financial statements have been prepared in accordance with International Financial
									Reporting Standards (IFRS), and in the manner required by the Zimbabwe Companies and Other Business Entities
																	Act (Chapter 24:31) and the British Virgin Islands Companies Act for International Business Companies (Chapter
							INFLATION ADJUSTED	HISTORICAL				291), except for non-compliance with International Accounting Standard ("IAS") 21.
	For the year ended						30 Sept	30 Sept	30 Sept	30 Sept				The consolidated financial statements have been prepared under the current cost basis as per the provisions of IAS
							2022		2021		2022		2021				29 "Financial Reporting In Hyper-inflationary Economies". The local accounting regulatory board, Public Accountants
													and Auditors Board (PAAB) proclaimed all financial periods after 1 July 2019 to be reported under the hyper-inflation
							ZWL 000	ZWL 000	ZWL 000	ZWL 000
										accounting basis. Therefore, the primary financial statements of the Group are the inflation adjusted and historical
CASH FLOW FROM OPERATING ACTIVITIES:														numbers have been provided as supplementary information.
													The sources of the price indices used were the Zimbabwe Statistical office from 2009 to September 2022.
Cash generated from operations					3 026 264		1 864 694		2 278 740		517 724
Interest income						1 841		2 861		809		684											Indices	Conversion Factor
Finance costs						(634 419)		(232 749)		(578 537)		(67 893)				CPI as at 30 September 2022		12,713.12	1.000
Income tax paid						(283 026)		(290 758)		(117 188)		(76 435)				CPI as at 30 September 2021		3,342,02	3.804
Cash generated from operating activities				2 110 660		1 344 048		1 583 824		374 080			3. FUNCTIONAL AND PRESENTATION CURRENCY
INVESTING ACTIVITIES:																These financial statements are presented in Zimbabwe Dollars (ZWL) which is the Group's functional and presentation
															currency and all values are rounded to the nearest thousand (000), except when otherwise indicated.
Purchase of property plant and equipment			(2 428 471)	(1 655 752)		(2 139 297)		(468 981)
Costs capitalized to biological assets					(390 557)		(299 329)		(273 390)		(44 828)			4. STATEMENT OF ACCOUNTING POLICY
Acqusition of subsidiary net of cash					-		(298 279)		-		(57 726)
										The accounting policies in the preparation of the 2022 financial year consolidated financial results are consistent
Proceeds on disposal of property plant and equipment			101 950		11 446		5 628		2 844				with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 30
Dividends received						1 982		5 317		1 101		1 270				September 2021.
Cash utilised in investing activities				(2 715 096)		(2 236 597)		(2 405 958)		(567 421)			5. BORROWINGS - INFLATION ADJUSTED
FINANCING ACTIVITIES:
Proceeds from borrowings						1 699 172		1 219 840		1 188 330		264 800										Sept-22					Sept-21
Repayment of borrowings					(1 293 068)		(245 773)		(448 341)		(43 220)					ZWL 000's		Short-term	Long-term	Total			Short-term and		Long-term	Total
Cash generated from financing activities				406 104		974 067		739 989		221 580
											and Overdraft						Overdraft
Increase in cash and cash equivalents					(198 332)		81 518		(82 145)		28 239					Group		2,190,203	-	2,190,203				1,091,427		80,561		1,171,988
Cash and cash equivalents at the beginning of the year			157 623		76 105		41 436		13 197					The Borrowings are secured by non-current assets with a net book value of ZWL 7.611 billion (2021: ZWL 5.114
Cash and cash equivalents at the end of the year				(40 709)		157 623		(40 709)		41 436					billion).
Comprising:																	The average cost of borrowings is 209 %
Cash resources						197 186		203 700		197 186		53 549
Overdrafts						(237 895)		(46 077)		(237 895)		(12 113)
Cash and cash equivalents at 30 September				(40 709)		157 623		(40 709)		41 436					DIRECTORS' RESPONSIBILITY
	GROUP SEGMENT RESULTS
												financial statements, of which this Press Statement is an extract.
																		The Company's Directors are responsible for the presentation and fair presentation of the Group's consolidated
INFLATION ADJUSTED																	These abridged Group financial statements are presented in accordance with the disclosure requirements of the
	Sept-22	Batteries	Stationery		Paper	Plantations	Central	Adj &	Group
						Zimbabwe Stock Exchange (ZSE) Listing requirements and in accordance with International Financial Reporting
									Admin	Eliminations						Standards and the Zimbabwe Companies and Other Business Entities Act (Chapter 24:31).

Revenue - External
customer		18 118 182	2 958 824	4 261 760	776 641	-	(6 500 207)	19 615 200
Operating profit before
impairments & fair
value adjustments		2 249 816	700 891	(1 375 095)	159 601	(102 685)	-	1 632 528
Finance costs		(36 500)	(931)	(26 140)	-	(694 742)	-	(758 314)
Segment Assets		12 139 000	1 494 763	7 761 424	10 003 796	1 805 436	-	33 204 419
Segment liabilities		(4 935 763)	(789 096)	(3 941 375)	(1 265 273)	(3 836 716)	-	(14 768 223)
Capital expenditure		(411 492)	(33 774)	(1 929 174)	(49 721)	(4 310)	-	(2 428 471)
Depreciation		(368 026)	(137 684)	(92 492)	(77 748)	(98 058)	-	(774 009)
Sept-21
Revenue - External
customer		17 298 955	1 657 215	4 439 046	712 475	-	(5 090 873)	19 016 818
Operating profit before
impairments & fair value
adjustments		2 562 603	296 952	(669 614)	(3 055)	57 113	-	2 243 999
Segment Assets		7 603 679	942 151	3 641 001	5 075 898	1 720 379	-	18 983 108
Segment liabilities		(2 732 321)	(433 772)	(1 865 009)	(899 034)	(1 423 050)	-	(7 353 186)
Capital expenditure		(515 303)	(19 852)	(1 033 060)	(20 133)	(67 404)	-	(1 655 752)
Depreciation		(539 194)	(66 308)	(141 676)	(44 138)	(80 683)	-	(871 999)

The principal accounting policies applied in the preparation of these financial statements are consistent with those applied in the previous annual financial statements except for the effect of adopting the requirements of IFRS16 (Leases) which increased the Group's Assets and Liabilities and which had a minimal net impact on the Group's Statement of Profit and Loss and other Comprehensive Income.

The Directors would like to advise users to exercise caution in their use of these annual financial statements due to the impact of the change in functional currency in February 2019, its consequent effect on the financial statements and the adoption of the International Accounting Standard (IAS) 29 (Financial Reporting in Hyperinflationary Economies).

EXTERNAL AUDITOR'S OPINION

These financial results should be read in conjunction with the complete set of financial statements for the year ended 30 September 2022 which have been audited by Grant Thornton Chartered Accountants (Zimbabwe) in accordance with International Standards on Auditing (ISAs). The auditors have issued an adverse audit opinion on the consolidated financial statements with respect to non-compliance with International Accounting Standard (IAS) 21 - The Effect of Changes in Foreign Exchange Rates; International Accounting Standard (IAS) 29 - Financial Reporting in Hyperinflationary Economies; and valuation of investment properties and property, plant and equipment.

The Auditors have included a section on key audit matters. The key audit matters were with respect to the revenue recognition and valuation of biological assets.

The auditor's report on the consolidated financial statements which form the basis of these financial results is available for inspection at the Group's registered office.

The engagement partner on the audit resulting in the auditor's report is Farai Chibisa (PAAB Number 0547).

Directors: Dr T. U. Wushe (Chairman) M. Macheka (Chief Executive Officer) *, T. I. Baik, A. M. Chingwecha*, S. Mupfurutsa, M. Oakley * Executive